November 28 (SeeNews) - The Bucharest Stock Exchange (BVB) will add cardboard maker Vrancart [BSE:VNC] to its BET-XT, BET-XT-TR and BET-BK indices, after removing dairy producer Albalact [BSE:ALBZ], the bourse said.
Albalact will also be excluded from the BET Plus index.
"The Bucharest Stock Exchange (BVB) informs that on November 25, 2016, the extraordinary meeting of the BVB Index Committee took place, considering that the procedures of shareholders’ withdrawal from Albalact (ALBZ) have been initiated; this stage is preceding the company’s withdrawal from trading," the bourse said in a press release on Friday.
The weights of the indices’ components, such as the free-float factors, the representation factors, the liquidity factors and the price correction factors, will be determined based on the number of shares and closing prices registered at the end of the trading session of November 28, it added.
The new structures of BVB indices will be announced at the close of trading on November 28 and will become effective as of December 6.
The structure of BET, BET-TR, BET-FI and BET-NG indices will not change, BVB added.
The BET-XT tracks the 25 most liquid companies traded on the main market, including Romania's five regional investment funds, the SIFs.
BET-XT-TR reflects the price performance of the top 25 most traded Romanian companies, as well as their gross dividends and cash distributions.
BET-BK is a free float weighted capitalization index of the most liquid 25 companies listed on the regulated market.
BET Plus is a free float market capitalization weighted index tracking 36 companies listed on BVB’s regulated market except the financial investment companies, that meet the minimum eligibility criteria, which refer to liquidity and the value of shares in free float. After Albalact's de-listing, BET Plus will only contain 35 companies, as Vrancart is already included in the index.
In July, Romania's antitrust regulator said it has approved the takeover of Albalact by French group Lactalis. Following the transaction, Albalact de-listed from the BVB on November 18.
Vrancart listed on the main trading segment of the BVB in 2005. SIF Banat-Crisana [BSE: SIF1] owns approximately 74.7% of Vrancart's shares.
In 2015, Vrancart posted a net profit of 18.2 million lei ($4.5 million/ 4.07 million euro), up 4% from 2014, on a turnover of 210 million lei, up 6% on the year, according to data posted on finance ministry's website. In July, Vrancart took over a majority stake in local peer Rom Paper for an undisclosed sum.
Vrancart's shares were trading 1.67% higher at 0.1830 lei at 1327 CET on Monday.
(1 euro = 4.5124 lei)